First quarter profits are up at Info Edge, parent company of Indian property portal 99acres.com, to a total of 173 million INR – 30 percent higher than in the first quarter of 2009.
The company is also reporting total Q1 income of 724 million INR, which is up 17 percent compared last year’s corresponding quarter.
The company is also reporting total Q1 income of 724 million INR, which is up 17 percent compared last year’s corresponding quarter.
In an interview with moneycontrol.com, Info Edge co-founder and CEO Sanjeev Bhikchandani describes growth at 99acres.com as “pretty good,” but admits that the portal has still not moved into the black.
“In 99acres.com we have actually emerged as clear leaders with traffic share moving up to 48 percent or 49 percent in last couple of months,” Bhikchandani told the website, adding that growth at the portal is higher than at naukri.com, the company’s jobs portal.
Along with its financial results, Info Edge has also announced a reshuffle in its top management positions. The board has moved current COO Hitesh Oberoi to the managing director and CEO roles, in place of Bikhchandani.
Bikhchandani will now work as executive vice chairman of the company. Ambarish Raghuvanshi, the company’s CFO and director, will cover the roles of group president of finance as well as CFO
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